On December 1, 2020, Waterway Company had the account balances shown below. Cash Accounts Receivable Inventory Equipment Debit $5,400 3,000 23,000 Accumulated Depreciation Equipment Accounts Payable Owner's Capital Credit $1,500 4, 000 28,300 $33,800 $33,800 x $0.60) The following transactions occurred during December: Dec. 3 5 7 17 22 Purchased 4,600 units of inventory on account at a cost of $0.78 per unit. Sold 4,900 units of inventory on account for $0.94 per unit. (Waterway sold 4,000 of the $0.60 units and 900 of the $0.78.) Granted the December 5 customer $159 credit for 200 units of inventory returned costing $106. These units were returned to inventory. Purchased 2,000 units of inventory for cash at $0.84 each. Sold 3,200 units of inventory on account for $0.99 per unit. (Waterway sold 3,200 of the $0.78 units.) Adjustment data: 1. Accrued salaries payable $500. 2. Depreciation $280 per month.